Allscripts announces update on Allscripts-Misys transaction

Published: 09/29

CHICAGO, IL, USA - (HealthTech Wire / News) -  Allscripts Healthcare Solutions, Inc. ("Allscripts") (Nasdaq: MDRX), the leading provider of clinical software, connectivity and information solutions that physicians use to improve healthcare, announced today that Misys plc ("Misys") has issued a press release stating that it has sufficient funding commitments in place to finance its proposed purchase of shares of Allscripts common stock as part of a series of transactions that includes the merger of Misys Healthcare Systems, LLC with a subsidiary of Allscripts.

In its press release issued today, Misys stated that it has signed definitive agreements for $325 million of financing to replace its credit facility with Lehman Brothers. Misys stated that it will use the new credit facilities to fund a portion of the consideration for the proposed purchase of shares of common stock of Allscripts.

According to Misys, the new financing will be provided by two sources: a $150 million revolving credit facility will be provided for a term of 18 months by a lending group comprising HSBC Bank plc, the Governor and Company of the Bank of Ireland, and The Royal Bank of Scotland plc; and the remaining $175 million financing will be provided by ValueAct Capital, Misys's largest shareholder, under a subordinated credit facility for a term of 20 months.

Misys also confirmed in its press release that the $150 million of proceeds from Misys' equity offering in March 2008, which was underwritten by ValueAct Capital, remains in place.